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Month: June 2018

A new observing country joining OPEC? | OutPut by Rig Lynx

June 24, 2018
| Archives

Russia is ready to consider the possibility of joining the Organization of the Petroleum Exporting Countries (OPEC) as an observer, Russian Energy Minister Alexander Novak told reporters. “This option really exists, it is under consideration. We are carefully studying this issue,†he said. Novak also confirmed the possibility of meeting with US Secretary of Energy Rick Perry in Washington

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Good look at the Gulf of Mexico | OutPut by Rig Lynx

June 24, 2018
| Archives

BOEM has March 2018 production at 1696 kbpd, which is down 1 percent month-on-month and 4 percent year-on-year (March 2017 was the peak production month for GoM so far). EIA numbers were very similar, although last month’s were higher and haven’t been revised yet – typically EIA numbers end up almost exactly corresponding to the BOEM reported

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Midland-Odessa Defying the numbers? | OutPut by Rig Lynx

June 24, 2018
| Archives

There may not be enough synonyms or antonyms in Roget’s Thesaurus to describe Midland-Odessa’s economy these days. “I’ve used words like dramatic and stratospheric,†said Karr Ingham, the Amarillo economist who prepares the Midland-Odessa Regional Economic Index and the Midland Economic Index for the Midland Development Corporation. He settled for “unparalleled†in stating, “What we’re seeing in this economic

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Egypt Eyes LNG Export | OutPut by Rig Lynx

June 24, 2018
| Archives

Egypt may have just issued its last LNG tender, setting the stage to resume exports next year. Imports of liquefied natural gas may stop in the fourth quarter, allowing for exports to start early next year as Eni SpA’s Zohr and other gas fields boost production in the country and help to draw more foreign investment, Petroleum and

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No shortage of inexpensive oil in the world, most of it buried under layers of negligence | OutPut by Rig Lynx

June 23, 2018
| Archives

Who should be the supplier of choice for the world’s 100-million-barrel-a-day oil needs? Should there be a merit order ascribed to producers? We rank ballroom dancers and wannabe singers on television. Restaurants, hotels, videos, and even doctors are thumbs up and down on social media. So why wouldn’t we rate oil-producing countries too? For too long, self-appointed judges have demoted

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Oil prices push higher after OPEC meeting | OutPut by Rig Lynx

June 23, 2018
| Archives

OPEC has finally met, and as most expected, the cartel agreed that any country within the group that has space capacity will be able to boost oil production, with Saudi Arabia and Russia arguably standing to gain the most.  OPEC issued a communique on Friday that called on a return to 100 percent compliance for the group, down from 152

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Jack-Up market utilization nods head to Borr Drilling | OutPut by Rig Lynx

June 22, 2018
| Archives

Analysis by Rystad Energy shows that Borr Drilling would emerge with the largest and youngest jack-up fleet if rigs over 35 years were retired in the short term. Marketed utilization rates would also rebound to 89% by 2020, surpassing rates seen during the heydays before the downturn, Rystad Energy, a Norway-based energy intelligence group said on Monday. “From the outset, Borr’s

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Bankrupt Driller with long-term LOIs starting late 2018 in GOM amidst restructuring | OutPut by Rig Lynx

June 22, 2018
| Archives

Summary Pacific Drilling reveals details of restructuring negotiations. Both Quantum Pacific and bondholders’ plan call for a wipe out of common equity, but provide an opportunity to invest in new equity along with major players. Pacific Drilling’s rigs may get jobs at the end of 2018/beginning of 2019. Pacific Drilling (OTCPK:PACDQ) has just filed a 6-K report revealing the new details of restructuring

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Mozambique blocks nearing legislation closure on new exploration model | OutPut by Rig Lynx

June 22, 2018
| Archives

Mozambique’s oil and gas regulator said exploration contracts for the nation’s fifth licensing round in 2015, which awarded blocks to companies including Exxon Mobil Corp. and Eni SpA, are close to being finalized. Winners of the bidding round have awaited legislation and a new model for exploration and production concession contracts, which should be resolved by July, Agostinho

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Anti-Exxon campaign takes a hit with leaked memo | OutPut by Rig Lynx

June 22, 2018
| Archives

A leaked memo obtained by the Daily Caller has suggested billionaire activist Tom Steyer was more deeply involved in the anti-Exxon campaign that was launched by New York’s Attorney General Eric Schneiderman back in 2015. The memo, which the Daily Caller cites in full, includes agenda items such as, “Weaken the political influence of the oil industry by leveraging the

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